Accused’s custody ends today, Kozhikode PNB scam, Kozhikode corporation lost money in PNB, latest news, Kerala news | Popgen Tech
Kozhikode: The custody period of the accused, who withdrew crores from the Kozhikode-Link Road branch of the Punjab National Bank, will end on Tuesday evening. On Tuesday, the plea of provisional freedom of the accused and former manager of PNB, the deputy Rigil, will be considered. No other frauds were reported.
The accused allegedly defrauded Rs 21.29 crore from 17 bank accounts, leading to the loss of Rs 12.68 crore. The investigation team found that Rigil invested more than Rs 10 crore in the stock market and utilized the remaining amount for house construction and playing rummy.
The Crime Branch inspected Rigil’s bank account details and investigated whether similar frauds were committed at the PNB branches in Eranhipalam and Palakkad, where he worked. However, no other illegal transactions were detected.
The investigative team said that the accused started investing in the market shares in 2014. But he started to face losses during the period of Covid 19. This encouraged him to borrow more money from the bank.
Kozhikode Corporation lost Rs 12.6 crore through these frauds. Reportedly, Rs 8 lakh was lost from private bank accounts. The inspections are likely to end by Tuesday as there is no disparity between Rigil’s statements and the bank’s findings.
The primary probe revealed that no other person is involved in the scam. Rigil was arrested on December 14 after 16 days of hiding.